Student Loan Calculator

Key Inputs You’ll Need:

• Loan Amount: Your total outstanding balance of all your current loans. If you have multiple loans, enter the combined total.
• Interest Rate: Enter your current interest rate. Not sure what it is? Check your most recent statement or contact your loan servicer.
• Repayment Term: Select how long you expect to repay the loan. A shorter term usually means higher monthly payments with less interest paid overall. A longer term lowers your monthly payment but increases the total interest paid over time.

1. Input the following loan information and click "calculate"

Enter in your loan amount, interest rate, repayment term in months or years and click calculate to see what you monthly payment will be and how much you will pay in total interest to pay back your loan.

2. Extra payment

Enter in extra payment per payment andclick calcualate to see how this influences your total interest and payoff timeline by making an extra payment.

3. Payment cadence

Choose between monthly, standard or advanced bi-weekly payments and click calculate to see how this affects your payments, total interest paid and payoff timeline.

3. Click show ammortization schedule

Review how each montly payment you make is applied to your loan and the balance reduction throught the entirety of your loan.

Your monthly student loan payment depends on how much you borrow, your interest rate, and how long you take to repay the loan. A longer repayment term generally means a smaller monthly payment, but it also means paying more interest over time.

The examples below show estimated payments using a fixed 6.5% annual interest rate and standard monthly payments.

Illustrative estimates based on a fixed 6.5% annual interest rate, monthly compounding, and fully amortizing payments. Actual results may vary due to rounding, payment timing, and loan terms.

How Your Repayment Term Changes the Cost of Your Loan

Consider a borrower with $50,000 in student loans at a fixed 6.5% interest rate. Extending the repayment term from 10 years to 20 years reduces the monthly payment from approximately $568 to $373. However, the borrower would pay about $21,300 more in interest over the life of the loan.

What This Means for Your Student Loan Payments

Choosing a shorter repayment term can reduce the amount of interest you pay, but it also increases your required monthly payment. A longer term can make payments more manageable while increasing the overall cost of borrowing.

Use the Yrefy Student Loan Calculator above to enter your actual balance, interest rate, and repayment term. You can also explore how additional payments or a biweekly payment schedule may change your estimated payoff date and total interest.

Standard Bi-Weekly Payments

• How it is calculated: Your regular monthly payment is multiplied by 12 and divided by 26 to determine your bi-weekly payment.
• Number of payments: 26 payments per year (every two weeks).
• Total annual amount paid: Equal to 12 regular monthly payments.

Accelerated Bi-Weekly Payments

• How it is calculated: Your regular monthly payment is divided by two, and that amount is paid every two weeks.
• Number of payments: 26 payments per year (every two weeks).
• Total annual amount paid: Equal to 13 regular monthly payments, effectively making one additional monthly payment each year.

The additional 13th payment helps reduce your balance and lowers total interest paid and loan repayment term. 

• Estimated Monthly Payment: This is an estimate of what you owe each month, covering both principal and interest.
• Total Repayment Amount: The total you could pay back over the life of the loan, including interest. Adjusting your term or rate in the calculator shows you how this number can change.
• Total Interest Paid: How much of what you pay goes to interest rather than your actual principal balance.
• Extra Monthly Payment Impact: Even a small amount above your minimum each month can shorten your loan term and reduce the interest you pay. Enter an extra payment to see how much difference it can make.
• Amortization Schedule: A month-by-month breakdown of how the balance decreases, and how your payment is split between principal and interest.

Knowing your numbers gives you a clear picture of your monthly payment, which helps you budget, plan, and make smart decisions about your loans. See how paying extra each month or adjusting your term can change your financial situation. Yrefy only refinances private student loans.